Act for Kids is urging families not to over-spend this festive season to avoid a credit-card hangover, after what has been a financially challenging year for many Australians.
In October this year there were more than 13 million active credit cards in Australia with a national debt exceeding $21 billion.
Christmas time is traditionally a time where families over spend beyond their financial means.
Act for Kids is reminding families and care givers that one of the best presents you can give a child this Christmas is “Being present.”
Westfield Shopping Centres have also reported an increase in children telling Santa all they wanted was to spend time with their family this Christmas over items such as cars, barbie dolls etc.
“Research shows children need love and stability, which is why it is important parents and care givers put more focus on spending quality time with children rather than buying lots of gifts,” Dr Katrina Lines, Act for Kids Chief Executive Officer said.
Research conducted by Finder found Australians will spend approximately $17.3 billion dollars this Christmas with an average of $893 per person.
“Act for Kids also recommends lowering your budget for gifts and instead create a list of inexpensive activities to do with the kids over the holidays to avoid over spending,” Dr Lines explained.
Try to limit the chances of impulse buying by tracking your expenses and staying off your phone when the post-Christmas bargains flood your email.
Another way to avoid a credit card hangover is to block out a day or a few days where you have no social engagements.
This will help to reduce the impact on your finances when the New Year arrives along with new bills such as returning to school costs.
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